The annual growth of the Dwelling Price Index was 2 pct

According to Statistics Estonia, in the 1st quarter of 2016, the Dwelling Price Index changed by -0.1% compared to the 4th quarter of 2015 and by 2% compared to the 1st quarter of 2015.

Compared to the previous quarter, the prices of apartments decreased by 0.2% and the prices of houses remained on the same level.

Compared to the 4th quarter of 2015, the prices of apartments decreased by 1.5% in Tallinn and increased by 1.8% in areas bordering Tallinn with Tartu and Pärnu cities and by 3.2% in the rest of Estonia.

Compared to the 1st quarter of 2015, the prices of apartments have increased by 3.1% and the prices of houses decreased by 0.5%. Compared to the 1st quarter of the previous year, the prices of apartments remained on the same level in Tallinn, but increased by 9.9% in areas bordering Tallinn with Tartu and Pärnu cities, and by 6.8% in the rest of Estonia.

The previous time that the yearly change in the Dwelling Price Index was smaller than 2% was in the 1st quarter of 2010 when it was -5.5%.

The Dwelling Price Index expresses the changes in the transaction square metre prices of dwellings purchased by households. The Dwelling Price Indices have been compiled for apartments and houses (including detached, semi-detached and terraced houses).

In the 1st quarter of 2016, the Owner-Occupied Housing Price Index changed by -1.1% compared to the 4th quarter of 2015 and by -3.5% compared to the 1st quarter of 2015.

The Owner-Occupied Housing Price Index expresses the changes in the prices of the acquisition of dwellings new to the household sector and other goods and services that households purchase in their role as owner-occupiers. The index consists of four parts: the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

The Owner-Occupied Housing Price Index is published on the base 2010 = 100. The time series starts from the 1st quarter of 2005; major repairs and maintenance are included from the 1st quarter of 2007 and insurance connected with dwellings is included from the 1st quarter of 2012.

Source: Statistics Estonia
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